Financials

v3.10.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2018
Jun. 30, 2017
Current assets:    
Cash $ 380,196 $ 16,764
Accounts receivable 425
Prepaid expenses 5,000 11,979
Total current assets 385,196 29,168
Deferred financial costs 148,362 201,432
Property and Equipment, net 64,677 70,324
Total assets 598,235 300,924
Current Liabilities:    
Accounts payable and accrued expenses 2,020,742 1,928,983
Related party payable 345,925 483,087
Loans payable 390,981 16,800
Deferred revenue 50,000 50,000
Convertible debentures 601,581 162,821
Derivative liabilities 1,011,857 988,463
Warrant derivative 456,002
Total current liabilities 4,877,088 3,630,154
Deferred revenue, net of current portion 233,333 270,833
Total liabilities 5,110,421 3,900,987
Stockholders’ deficit:    
Preferred stock and paid-in capital in excess of $0.001 par value, 20,000,000 shares authorized, 0 (June 30, 2017 - 0) issued and outstanding
Common stock and paid in capital in excess of $0.001 par value, 250,000,000 shares authorized, 241,890,006 (June 30, 2017 - 133,506,044) issued and outstanding 61,363,720 59,672,609
Share subscriptions and obligations to issue shares 41,250 41,250
Accumulated other comprehensive income 46,267 46,267
Accumulated deficit (65,963,423) (63,360,189)
Total stockholders’ deficit (4,512,186) (3,600,063)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 598,235 $ 300,924
v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Revenue $ 1,012,075 $ 24,001 $ 1,086,468 $ 75,087
Operating expenses:        
Selling, general, and administrative expenses 422,513 629,582 1,215,696 1,829,327
Research and development 110,900 120,753 350,549 371,667
Total operating expenses (533,413) (750,335) (1,566,245) (2,200,994)
Fair value gain (loss) on derivative financial liabilities (608,201) (4,995) (1,113,147) 29,143
Fair value gain (loss) on warrant liability (98,993) 16,400 (256,002) 54,700
(Loss) gain on extinguishment of debt (165,985) (42,580) 42,056 (76,486)
Gain on extinguishment of liabilities 408,009
Other income 60 364 79 473
Interest expense (286,677) (433,801) (1,204,452) (534,821)
Net Loss $ (681,134) $ (1,190,946) $ (2,603,234) $ (2,652,898)
Net loss per share – basic and diluted (in dollars per share) $ 0 $ (0.01) $ (0.01) $ (0.02)
Weighted average number of common shares outstanding (in shares) 222,879,831 138,081,400 216,357,085 141,333,616
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows used in operating activities:    
Net loss $ (2,603,234) $ (2,652,898)
Items not involving cash    
Accrued interest 28,581 55,720
Amortization of debt issuance costs 67,771 40,500
Amortization of deferred finance costs 53,070
Deferred revenues (37,500) (37,500)
Depreciation 5,647 3,124
Fair value loss on derivative financial liabilities 1,113,147 (29,143)
Fair value loss (gain) on warrant liability 256,002 (54,700)
Interest on convertible debentures 1,053,582 433,945
Gain on extinguishment of debt (42,056) 76,486
Gain on extinguishment of liabilities (408,009)
Stock-based compensation 111,165
Changes in working capital 370,010 1,175,772
(112,989) (664,809)
Cash flows used in investing activities:    
Purchase of property and equipment (3,500)
(3,500)
Cash flows from financing activities:    
Proceeds from loans 562,400 92,000
Repayment of loans (110,022)
Proceeds from issuance of common stock 554,155
Proceeds (repayment) of convertible debentures (85,979) 90,000
Subscriptions received
476,421 626,133
Increase (decrease) in cash 363,432 (42,176)
Cash, beginning of period 16,764 47,350
Cash, end of period 380,196 5,174
Supplemental cash flow information:    
Interest paid 1,448 2,793
Consulting Services [Member]    
Items not involving cash    
Issue shares for services 212,720
Services Other Than Consulting [Member]    
Items not involving cash    
Issue shares for services $ 30,000